Gold prices surged on Wednesday after the Federal Reserve left interest rates unchanged and struck a more dovish tone, acknowledging that progress on lowering inflation has stalled.

Gold futures prices plummeted on Tuesday, dipping below the crucial $2,300 per ounce level, as traders braced for a potential hawkish shift from the Federal Reserve in its upcoming policy decision.

As of 5:30 PM EDT, gold futures based on the most active June 2024 contract are down $2.10, or -0.09%, settling at $2347.50. Today's decline would have been more significant if not for the dollar's weakness.